Bridging lenders now more positive about future of UK economy
The Association of Short Term Lenders (ASTL) says that 45% of its members have a positive view on the future of Britain’s economy, reported MortgageFinanceGazette.com in April 2017.
In contrast, when the ASTL surveyed its members in November 2016, just 38% were confident about the economy.
This latest survey shows that around 21% of lenders were not confident about the economy, with 34% saying that the economy would remain about the same as it presently is.
When asked about their own businesses, 85% forecast that their businesses will grow in the next six months. The rest of the lenders felt that business would remain at the same level, with no lender predicting a fall in business.
When queried about the state of the bridging finance sector, 56% said that they expect it to grow. This is more optimistic than last June, shortly after the EU referendum, when only 19% thought that the bridging finance sector would increase.
There have been a number of new lenders in the market, and 52% of ASTL members expect greater competition in the future. This could be good news for borrowers, as competition keeps interest rates and fees low. It also means that brokers will have a wide choice of bridging products at their fingertips when advising their clients.
The CEO of the ASTL, Benson Hersch, said:
“Bridging finance has come a long way and, whilst there will no doubt be ups and downs, it’s here to stay.”